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Flooring company's bespoke 'super senior funding' was done away from the syndicated loan market
Scrabble expected to sign deals before summer
UBS promotes bankers to replace leveraged finance specialist
Tightening trend in private credit pricing has reversed since April 2, but reliability is funds' trump card
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Beauty-focused e-commerce company The Hut Group (THG) is building up its war chest with a £510m-equivalent Term Loan B issue. The fully underwritten issue will test the investors’ interest in the sprawling, privately-held company with ambitions in both online stores and tech services, with risky side trips to real estate.
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Permira Debt Manager’s Credit Solutions II fund, a direct lending fund raised in 2015, underlined the risk of concentration in private debt funds, thanks to a sharp downgrade of the fund’s largest exposure, making up 17% of its assets.
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Direct lending funds have raised more money than ever this year, and are writing ever bigger cheques in the sort of investments usually done by broad syndication. However, in all but a handful of cases, syndicated financing is the better option.
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DNB Markets has hired a banker from UniCredit to join its leveraged finance team in London.
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Francesco Bertocchini has joined Nomura from UBI Banca as a managing director for Italy.
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The European Parliament is challenging EU member states over the governance of its planned Taxonomy of Sustainable Economic Activities. At stake is who gets to decide what goes into it. The issue is one of several still to be thrashed out before the Taxonomy can become law.